When you join Coldwell Banker Premier Realty, you are joining the number one team in Southern Nevada. Our approach to leadership is at the heart of our company culture. The CBPR leadership team is dedicated to empowering sales associates to leave their mark on the real estate world.
As a former registered nurse, helping people is embedded into Clark’s DNA. This made the transition into real estate an easy decision for Clark because he could continue helping families by guiding them home across the Las Vegas Valley. Clark joined Coldwell Banker Premier Realty in May 2018. With determination and an incredibly positive attitude, Clark worked his way up from being abrand new agent to being ranked #3 overall in the company for April 2020. Along the way, Clark was recognized as runner-up for the Rookie of the Year Award, presented to the CBPR sales associate with the highest production in their first 12-months of business. Last week, Clark was the featured agent during the weekly Mastermind workshop where he shared his strategy for using Facebook to gain business from your SOI. We were curious as to what other resources at CBPR Clark uses in his quest to provide the most insightful information to his clients, friends, and family. This is what he had to say:
CBPR: You started with us as a brand-new agent and have been climbing the ranks ever since. Would you say one department at CBPR has helped you overall on the success of your business?
Clark: Well, I do attend all the training courses provided to us, but I would say that the Research and Analytics department has helped my business tremendously.
CBPR: That is wonderful! What services does this department provide for you, and how has that helped your business?
Clark: They provide weekly and monthly data on the Las Vegas real estate market.I never give a listing or buyer consultation without these reports in my digital or print presentations. I recently had a new client tell me that my preparedness and knowledge of the local market is what sold them on me.
CBPR: Why do you feel that this service is so important?
Clark: I am not a numbers guy, to be honest, so it is great that these reports are not only provided, but they are explained and interpreted by CEO, Bob Hamrick in his Monthly Market Update. Knowing that I am fully informed about what is happening in the housing market boosts my confidence when going on a listing or buying consultation. I know sharing this data helps my clients make informed decisions.
CBPR: What advice would you give other agents just coming into the business?
Clark:Know your numbers and study these reports on a weekly basis. There are times when you are going up against seasoned agents. If you can answer their questions about the housing market in a way that makes sense to potential clients, it does not matter how long you have been an agent, you can win their business.
John grew up on a wheat farm in Montana and was introduced to real estate early in life when his parents subdivided one of their properties for a housing development. Life on the farm meant John had plenty of time for reading and he was fascinated by the many economic books left around the house by his father. John has a bachelor’s degree in economics/literature from Montana State University and a master’s in economics from the University of Nevada-Las Vegas. John works closely with both the Developer Services and Marketing departments to provide a multitude of services for our agents, including market reporting, advanced pricing analytics, demographic and psychographic analyses and real estate portfolio valuations.
Research and Analytics is one of many departments at CBPR helping our agents succeed. Click the photo to learn more about what our agents are saying about us. Don’t you think it is time to let us help you leave your mark?
What do you need to know about the impact COVID-19 has had on real estate? Watch the recording of this live event with Coldwell Banker CEO, Ryan Gorman, where he gave an update on the industry and answered the most frequently asked questions from buyers and sellers.
Market Snapshots: COVID-19 March-May, Recovery June
As our country looks back at the difficulty of the last few months, I reflect upon my place as the President and CEO of one of the world’s largest real estate organizations. I am very proud of this vast and diverse group of agents, brokers, managers and owners for continuing work despite possibly being afraid, confused, or burdened with the hardships of the global pandemic. With that in mind, let’s dive in to see what the first half of 2020 brought for real estate.
The adage “real estate is local” holds true, as every market was impacted differently by COVID. Some slowed down significantly in March and April, while others were much less affected. In my conversations with offices across the country, I have seen one commonality: business is now heating up and the summer market is poised to be very active.
Three additional trends were seen across the country.
Home prices did not drop. On a national level, prices in March rose 4.4% annually, up from 4.2% in February, according to the S&P CoreLogic Case-Shiller index. Additionally, NAR reported that the median existing-home price for all housing types in April was $286,800, up 7.4% from April 2019 ($267,000), as prices increased in every region. April’s national price increase marks 98 straight months of year-over-year gains. This was confirmed by offices across the country. In fact, the city of Montecito, served by Coldwell Banker Realty Southern California, saw an 11% increase between March and May!
Lack of inventory. Total existing-home sales dropped 17.8% from March to a seasonally adjusted annual rate of 4.33 million in April, according to NAR’s latest figures. Understandably, sellers seemed afraid to list their homes, whether from fear of having people in their homes or because the lack of inventory made it hard for them to in turn find the next perfect home. As states we reopen, we expect more homes to come on the market.
The Resilience of Our Agents during lockdowns and stay-at-home orders. Agents continued to make connections, show houses and close contracts, albeit virtually.
Some offices did not see much of a decrease in activity from the pandemic. Coldwell Banker Sea Coast Advantage in North Carolina saw an increase in web traffic and contracts in March, April and May, with sides up 6.8% from the same period in 2019. As we’ve heard anecdotally, much of this interest came from folks relocating from bigger cities and other more densely populated states.
Other markets saw a bigger impact, such as those where real estate was not deemed an essential service or where the effects of COVID-19 were particularly devastating. The bottom point for many such areas occurred in late March and early April, then they began rebounding in April and May.
For example, at Coldwell Banker Bain, which serves Washington and Oregon, sales volume in January, February and the beginning of March was 110% of sales from the same time in 2019. However, March 27 through April 11 was 10% of 2019, April was 30% of 2019, and May was 70% of 2019. The office expects June to be back at 75%-80% of 2019, which would be a sign of the “V” shaped recovery many have hoped for. However, because of low inventory, time on market remained short for CB Bain despite these lower sales volume numbers: in some markets under $1 million, it’s as little as 3 days and on average 2-3 weeks.
Coldwell Banker Mid-America Group Realtors in Iowa agreed that, while the beginning of March was equal to 2019, the end of the month brought a quiet period – listings were at zero but quickly began to rebound in April and May, and now listings increase weekly.
Other markets fell somewhere in between completely shutting down and having their numbers up. Coldwell Banker Realty in Texas serves cities and towns all over the state, each with distinct demographics and economies. In Austin, low inventory in April and May meant short times on market and multiple offers on listings – a rarity in the area. Homes in the $200,000-$300,000 range kept demand up in cities like Dallas and Houston.
Despite the uncertainty and, at times, fear, Coldwell Banker agents kept doing what they do best – serving clients and their communities. Real estate is very much open for business and if you think it might be the right time for you to buy or sell, contact a Coldwell Banker agent who can talk you through exactly what’s going on in your market. COVID-19 represented a great upheaval to our everyday lives, but often the greatest opportunities exist in periods of tremendous change.
Real Estate in the Virtual Age
Offices relied heavily in March, April and May on virtual tools to keep businesses running. When lockdowns first began, broker-owners and managers kept offices communicating through tools like Microsoft Teams and Zoom. Many utilized training sessions from home office including the virtual education expos for skills such as online marketing or virtual showings. Generally, the agents that remained active with virtual listings or on social media continued to do well. While Facebook live is often cited as the go-to tool, Instagram and TikTok are not just for millennials and Gen Z, as I told CNBC last month.
So, in this virtual world, what trends will stick post-COVID? Everyone I spoke with agreed that virtual showings would continue, with one reason being that it allows buyers to narrow down homes they’d like to see in person.
How do agents think the virtual age will change homebuyer preferences? The move to more remote work could change housing preferences especially in expensive urban areas (with commute timeless important and space for a home office more important). Some markets will see this more than others, which may not see this shift at all.
A Coldwell Banker snap poll of agents in May found that fifty-eight percent of those surveyed think buyers will desire a home office and 47% think the same for a private outdoor space. Fifty-five percent of those surveyed think buyers will seek out flexible spaces for convertible office/dining/living options, 23% said the same for large windows to let in lots of light and 21% for ample pantry and storage space. In Southern California, kitchens are getting special attention as many people started cooking more these past few months. In states with the most restrictive lockdowns, the way people lived in their homes changed and those regions may see shifts in preferences.
As for location, that same survey found 25.71% think there will be an increased interest in people buying real estate within suburban towns. Further, 22.14% think there will be a decreased interest in city living and 17.86% think there will be an increased interest in rural areas.
Fair Housing and Equal Opportunity
So, while the real estate market is once again functioning well in most markets, transactions are closing and prices are rising, I do not want to imply that all is well. COVID-19 has impacted many our neighborhoods, including my own, in ways that we are only beginning to fully appreciate. While these impacts sadly continue in many areas, we as a nation are also confronting the fact that different communities and different populations have long been impacted very differently by illness, financial distress and even violence.
The real estate industry in the United States has a long history of creating opportunities for individuals, families, professionals and entrepreneurs. Unfortunately, our industry also has a long history of systemic racism, through such pervasive and even government-sponsored practices as redlining, racist deed restrictions, exclusionary zoning, and predatory lending to African American and other minority homeowners.
Coldwell Banker’s clients, agents, employees and broker-owners have always driven our efforts to improve everything we do, and recently each of these constituents has been asking what Coldwell Banker is doing to equalize opportunities, from employment to entrepreneurship to home ownership, and what more we should be doing. The answer is that we have done a great deal, and a great deal remains to be done.
An example of our recent work includes our Diversity in Ownership program, launched in February of this year, which is designed to increase real estate brokerage ownership, overall real estate entrepreneurship, and home ownership in and among some of our most underserved communities where both business ownership and home ownership are well below national averages. While this program seems to me to be far and away from the most aggressive in the industry – including up to $100,000 of the initial investment in each business and personal mentorship from me and many other top industry leaders – we can, should, must and will do more.
For us here at Coldwell Banker, this is a movement, not a moment. Today we are listening more than ever, especially to our communities, clients, agents, brokers and employees; and we are acting, doubling down on our commitment to equality of opportunity as a core tenant of the American Dream and an important measure of integrity for Coldwell Banker. We appreciate our consumers and other constituents holding us accountable to results, not simply commitments, and we look forward to sharing those with you.
I am sure you will have questions about this topic, about buying and selling in the age of COVID-19, and about the housing-related challenges and opportunities you may be facing… so it is my pleasure to now take your questions…
If your life right now dictates a move, then you should not be afraid to search for that new home. There are ways to see properties today in person or virtually in every state in the country. Most of the brokers and owners I spoke with anticipate a strong “second spring” or summer selling season.
Real estate has always been local but this is even more true now! Our agents are primed to work within their markets, which can vary drastically from one community to the next. For example, Coldwell Banker Residential Brokerage Atlanta & Carolinas has 34 offices and nearly 2,000 affiliated sales associates that serve across three states – each with differing stay-at-home restrictions and economic forces. This is to emphasize that your local agent knows the latest about regulations, market conditions and inventory and is a great source for the best and most up-to-date information for buying or selling your home.
Your Coldwell Banker agent is also part of something much larger: the American Dream. We know this dream feels more realistic for some than others, and we are committed to doing our part to ensure fair and equal access to housing no matter who and where you are. Earlier this year, we even developed new Fair Housing training for all our agents and made it available to the entire industry – indeed, even available to individual consumers like you. If you would like to learn more, go to fairhousingpledge.com I also recommend an excellent book on the topic, The Color of Law by Richard Rothstein. We can all learn from the past as we change the future.
In closing, I know these past months have been hard for you, your families, and your communities. I hope that this information will help inform you about the real estate market and help you see where you fit in. I promise that Coldwell Banker agents will be there when you need them most, to guide you home as they have done for over 113 years.
Blog originally posted on the Coldwell Banker Blue Matter Blog. Author: Senior Manager, Content & Multimedia at Coldwell Banker Real Estate LLC, Gustavo Gonzalez.
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At Coldwell Banker Premier Realty, we are committed to helping our agents live exceptional lives as they leave their mark on the world of real estate. This commitment does not end with us locally, because our agents have access to share knowledge and ideas with real estate experts across the county. For a limited time, Coldwell Banker LLC is opening up their virtual classes to all agents worldwide. See below for more information on how to attend these events.
TUNE IN TO THE REAL ESTATE OF THE UNION
Coldwell Banker President and CEO, Ryan Gorman, is hosting a Real Estate of the Union, a live town hall for consumers. Tune in Wednesday, June 17 at 2:30 p.m. ET as Ryan provides an overview of the current real estate industry and answers the pertinent questions directly from home buyers and sellers. He’ll be sharing his insights and answering your questions during a Facebook Live Event. You can share this event with your sphere and current and potential clients using an eCard available here. RSVP to the event here.
ATTEND THE UPCOMING PORTRAITS OF WHAT MOVES HER EVENT
Join us on Wednesday, June 17 at 3:30 p.m. ET for the next Portraits of What Moves Her session with special guest, Sally Roberts – elite woman wrestler, combat Army veteran, sports psychologist and founder of the advocacy organization, Wrestle Like a Girl. During the session, we will explore how Sally encountered obstacles and wrestled her way through the challenges to inspire others through her work. Click here for more information or to join the upcoming session.
SAVE THE DATE FOR THE NEXT WEALTH BUILDER VIRTUAL EXPO
Join us Thursday, June 18 at 2 p.m. ET for the second installment of Getting Real With Money – the three-part Wealth Builder Virtual Expo series featuring renowned personal finance authority and coach Chris Hogan of the Dave Ramsey Group. This session will help you develop strategies for sustained financial success and will feature an extended Q&A portion. Get more information or attend the upcoming session here.
Fill out the form below to learn more about Coldwell Banker Premier Realty in Las Vegas.
What is a career in real estate like? There are many benefits to choosing to work in the housing industry. For a hardworking and motivated person, becoming a REALTOR® could be the perfect fit. Here are the top five reasons to work in real estate:
1. The Sky’s the Limit
There is no limit on how many properties you can sell or how much money you can make. Depending on the time and energy you’re willing to put into your business, you will see results and experience success. With limitless earning potential, a career in real estate can be very financially rewarding.
2. No Two Days are Alike
Waking up each day with a different agenda is an amazing way to live! Who will I meet today? What property will I sell today? What beautiful home will I preview today? You own your time and schedule it as needed to ensure you are maximizing every minute. Each day comes with new possibilities!
3. Help People During Their Big Milestones
Each potential client has a story to tell. From helping a newlywed couple find their first home to assisting a retired veteran relocate to sunny Las Vegas, you will be a part of a significant moment in their life. Guiding people home is a fulfilling experience for a real estate professional.
4. Real Estate is Always Changing
Many factors affect the real estate market on a daily basis. Financial markets, gentrification, and trends in home architecture are just a few things that make this job so exciting. You must continue to educate yourself to keep up with the constant evolution of the industry. You will always be learning and Coldwell Banker Premier Realty’s philosophy on training ensures you will continue to skill up!
5. Coldwell Banker Premier Realty is a Leader in Las Vegas Real Estate
Coldwell Banker is one of the world’s largest real estate companies with over 87,000 sales associates worldwide. Coldwell Banker Premier Realty is known for setting the industry standard of excellence and providing unmatched value to its clients. In one of the most opportunistic markets we’ve ever seen, Las Vegas is an ideal location to begin a fruitful real estate career.
During the past few months, we have increased our online presence within our company, bringing educational training and meetings onto a virtual platform. This is a new trend we will continue to embrace, but we would be lying if we said we were not looking forward to getting back in our campuses (safely, of course.) Next week, we will begin a soft open of our campuses while implementing sanitation and social distancing practices. Through many conversations, we know that not everyone feels as prepared. In one of our recent online sales meetings, Dr. Dan Shiode gave us a few tips on preparing to go back to the workplace. Here are a few of our favorites.
Take your time Going back to working in an office does not have to happen full force. If you are uncomfortable, come back in stages, choosing to work from home two to three days a week. Even our CEO, Bob Hamrick, experienced some anxiety coming back to the office. Remember to practice relaxing daily habits to combat the stressors of re-entry.
Think about your clients Whether you are worried about COVID-19, or not, realize that that it is a concern for many. Our campuses will be following strict reopening procedures, but as a real estate agent, you interact with your clients in many facets. Consider asking yourself these questions taking your clients well-being into account. Will you be offering gloves or masks to clients? Will you continue offering virtual meetings and showings?
Return mentally first Getting back to a routine is essential because a lack of structure can increase stress. If you have let your normal work routine slip, start getting back in the habit of waking up at a certain time and dressing for work at home, before going into the office. Also reflect on the time you had at home. Have you added new self-care habits? Have you been spending more quality time with family? Think about any positive changes you have made and make a plan to continue to implement them as you return to work.
*Bonus* Our new campus features mountain and strip views for you to enjoy from the shaded rooftop deck. Not only are the views pretty to look at, there are many benefits to having an outdoor space to take short breaks. Just 10-15 min of sunshine is good for your mental health. Aside from absorbing Vitamin D, your brain also releases more serotonin and endorphins in turn, boosting your mood.